Community Update #3
We have updates on the work-in-progress and new initiatives!
I’m delighted to report that the smart contract upgrade is well underway. We have the great fortune to work with exceptional smart contract engineers and have managed to strike a balance between simplicity and efficiency, which will be the hallmark of HODLC. The smart contract will handle the order book in an elegant fashion that will minimize gas usage (reduce price) and leave no dust (small portions of unsold HODLC).
Some interaction mechanics will change. They will be simplified into four distinct functionalities:
- Deposit: Deposit Ether in the smart contract.
- Withdraw: Withdraw Ether from the smart contract.
- Buy HODLC: Exchange Ether for HODLC.
- Sell HODLC: Exchange HODLC for Ether.
There will also be minor aesthetic changes:
- Symbol change to HODLC;
- Standard change to v2;
- Transaction limit from 0.25 ETH to 1 ETH will be kept as is until the 100,000th transaction, whence the 1 ETH limit will be lifted;
- Minimum sell limit will be set to USD 50;
- Price lock on sell order will be made publicly visible;
To pair with the upgrade, it has been strongly suggested that an external audit from a professionally recognized firm is necessary. This way, we can guarantee only the best!
That being said, this external audit will have associated costs. In keeping with the decentralized vision of the project, the community’s opinion on this is vital because the donation address Ether could be used to this end.
The HODLCommunity is attracting weightier players. These members are planning business integrations using HODLC. Under these circumstances, an audit would prove useful for the project’s long-term and business prospects. We hope the community will rally behind this effort.
We are currently in discussion with two exchanges. The talks are going well, and a unique solution for integration into the central exchange process has been devised. The solution is currently being analyzed by their respective devs and compliance departments.
This integration process is relatively low-cost and should slightly reduce the financial burden on the community.
As excited as we are about this development, we also realize that listing on an exchange is best done after the successful upgrade as the listing will provide a considerable amount of visibility and attract other stakeHODL’ers.